(From Sen. Bill White, R-Joplin)The Missouri Senate completed the governor’s call for an extra legislative session this week when my colleagues and I truly agreed to and finally passed a comprehensive agriculture bill.
This proposal extends the Meat Processing Facility Investment Tax Credit and others through 2028; establishes incentives for ethanol and biodiesel producers and retailers; and creates several economic opportunities for urban and family farm operations.
Agriculture is one of the top economic drivers in our state, so these substantial extensions and new credit incentives will assist our hardworking farmers and ranchers as they combat the rising costs of supplies and equipment.
Last week the House passed the extra session income tax cut measure, Senate Bill 3, the other piece of legislation sought by the governor in his late August call. Beginning next year, our state’s top income tax rate will be reduced from 5.3% to 4.95%, allowing taxpayers to keep more of their hard-earned money. The legislation includes a fiscally responsible blueprint to ultimately reduce income tax rates to 4.5% in the coming years, with income threshold triggers built in to safeguard our economy from fluctuations in general revenue. Both of these extra legislative proposals were signed into law by the governor on Oct. 5.
Last week the House passed the extra session income tax cut measure, Senate Bill 3, the other piece of legislation sought by the governor in his late August call. Beginning next year, our state’s top income tax rate will be reduced from 5.3% to 4.95%, allowing taxpayers to keep more of their hard-earned money. The legislation includes a fiscally responsible blueprint to ultimately reduce income tax rates to 4.5% in the coming years, with income threshold triggers built in to safeguard our economy from fluctuations in general revenue. Both of these extra legislative proposals were signed into law by the governor on Oct. 5.
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